유가증권 상장제조기업의 ESG 활동이 기업가치에 미치는 영향: 자발적 IR 공시의 조절효과

The purpose of this study is to analyze whether there is a moderating effect of voluntary IR disclosure on the impact of ESG activities of listed manufacturing companies on corporate value. The research subjects are 215 panels from 73 companies that made ESG disclosures on the Korea Exchange over the three years from 2019 to 2021. The research results are as follows. First, we found that positive activities in the environment, society, and governance of listed manufacturing companies are improving their corporate value. And as a result of analyzing the moderating effect of voluntary IR disclosure, it was found that the greater the number of disclosures and the longer the disclosure period, the more positive impact it had on corporate value. Second, as a result of robustness analysis using a two-stage least squares (2SLS) analysis model using panel data, the group for each variable such as ESG integrated evaluation grade, business period, and number of disclosures showed that the group with a higher than average corporate value had higher corporate value than the group with a lower than average value. It was found that the influence on was greater. This follows the stakeholder theory, where the external effects brought about by a company's activities affect stakeholders. Therefore, if a company only pursues profits and does not reflect the external effects in management decisions, it will suffer market failures such as social costs and welfare losses. It suggests that you are experiencing. However, in the future, there is a need to expand the scope of corporate value measurement through voluntary IR disclosure through ESG activities to include international comparisons.